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CoreCivic CoreCivic Reports Third Quarter 2021 Financial Results November 8 , 2021 BRENTWOOD , Tenn . , Nov. 08 , 2021 ( GLOBE NEWSWIRE ) -- CoreCivic , Inc. ( NYSE : CXW ) ( the Company ) announced today its financial results for the third quarter of 2021 . Financial Highlights - Third Quarter 2021 • Total revenue of $ 471.2 million o CoreCivic Safety revenue of $ 431.5 million o CoreCivic Community revenue of $ 25.5 million o CoreCivic Properties revenue of $ 13.9 million • Diluted earnings per share of $ 0.25 • Adjusted diluted EPS of $ 0.28 • Normalized FFO per diluted share of $ 0.48 ● Adjusted EBITDA of $ 100.9 million • Issuance of $ 225.0 million of Unsecured Senior Notes ● Leverage decreased to 2.7x Damon T. Hininger , CoreCivic's President and Chief Executive Officer , said , " Our cash flow generation remains strong despite the ongoing global pandemic and the unique challenges presented by the current employment market . We continue to execute on our capital allocation strategy with a priority of reducing debt , and enhancing our overall capital structure . During the third quarter we sufficiently reduced debt to fall within the high end of our targeted leverage ratio , and continue to make progress in obtaining the clarity needed to move to the next phase of our capital allocation strategy . Our capital allocation strategy continues to benefit our cost of borrowing , as shown with our recent $ 225 million unsecured bond issuance which priced nearly 100 basis points lower than the April 2021 issuance . Hininger continued , " Our business is very durable , and continues to generate cash flow even during these unprecedented disruptions to the economy and criminal justice system . This resiliency is due to the essential nature of our facilities and services in our Safety and Community segments , further enhanced by the stability of our Properties segment , all supported by payments from highly rated federal , state , and local government agencies . " Third Quarter 2021 Financial Results Compared With Third Quarter 2020 Net income attributable to common stockholders in the third quarter of 2021 totaled $ 30.0 million , or $ 0.25 per diluted share , compared with net income attributable to common stockholders generated in the third quarter of 2020 of $ 26.7 million , or $ 0.22 per diluted share . Adjusted for special items , net income in the third quarter of 2021 was $ 33.7 million , or $ 0.28 per diluted share ( Adjusted Diluted EPS ) , compared with adjusted net income in the third quarter of 2020 of $ 34.1 million , or $ 0.28 per diluted share . Special items for each period are presented in detail in the calculation of Adjusted Diluted EPS following the financial statements presented herein . Financial results in 2021 reflect higher income tax expense following the revocation of our election to be taxed as a real estate investment trust ( REIT ) effective January 1 , 2021. As a REIT , we were entitled to a deduction for dividends paid , which resulted in a significantly lower income tax expense in the prior year . Earnings before interest , taxes , depreciation and amortization ( EBITDA ) was $ 95.7 million in the third quarter of 2021 , compared with $ 87.8 million in the third quarter of 2020. Adjusted EBITDA , which excludes the special items referred to above , was $ 100.9 million in the third quarter of 2021 , compared with $ 94.6 million in the third quarter of 2020. Adjusted EBITDA increased from the prior year quarter despite a $ 7.3 million reduction in facility EBITDA attributable to the 42 properties sold in the fourth quarter of 2020 and the five additional non - core real estate assets sold in the second quarter of 2021 . Funds From Operations ( FFO ) was $ 54.9 million , or $ 0.45 per diluted share , in the third quarter of 2021 , compared to $ 53.4 million , or $ 0.44 per diluted share , in the third quarter of 2020. Normalized FFO , which excludes the special items referred to above , was $ 58.6 million , or $ 0.48 per diluted share , in the third quarter of 2021 , compared with $ 62.3 million , or $ 0.52 per diluted share , in the third quarter of 2020. FFO and Normalized FFO were also impacted by our new corporate tax structure . Adjusted Net Income , EBITDA , Adjusted EBITDA , FFO , and Normalized FFO , and , where appropriate , their corresponding per share amounts , are measures calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles ( GAAP ) . Please refer to the Supplemental Financial Information and related note following the financial statements herein for further discussion and reconciliations of these measures to net income , the most directly comparable GAAP measure . Business Updates Notes Offering and Debt Reduction . On September 29 , 2021 , we completed an underwritten registered tack - on offering of $ 225.0 million aggregate principal amount of 8.25 % senior unsecured notes due 2026 ( the " Additional Notes " ) at an issue price of 102.25 % of their aggregate principal amount , plus accrued interest from the April 14 , 2021 issue date for the $ 450.0 million aggregate principal amount of 8.25 % senior unsecured notes due 2026 ( the " Original Notes " ) . The Additional Notes have an effective yield to maturity of 7.65 % , nearly 100 basis points below the effective yield of the Original Notes . We have made substantial progress in reducing debt , repaying $ 187.5 million of debt during the third quarter of 2021 , net of the change in cash .